Independent mortgage broker for 55+?

[needanewername]

Hi,
I started a previous thread in here about sole versus multiple estate agents which was very helpful because although I’m late 50’s I’m still in my first property and have never sold a property before. I am having to sell because my relationship broke up and we agreed to put the house on the market within a set period. There is a possibility I could buy my ex out but I would need a mortgage and we were in the fortunate position of having paid the mortgage off before the end of term so don’t have a current lender to approach.

I’m not sure at all about how much I could borrow in my situation: late 50’s, fairly OK salary (just in the higher tax bracket), no debt, guaranteed final salary pension from a previous job of at least £25K per year from 65 (that’s what it’s worth now but if I took it now it would be reduced at x% per year I take it early, obviously it will be worth more in 5+ years), full state pension contributions. Does anyone have experience of how many years a bank would lend for at my age and what multiplier of salary? I would have a very high percentage of equity in the property so wouldn’t be requiring a loan of more than about 10% of property value. I’m assuming the best thing would be to consult an independent mortgage broker however when I search online I find sponsored ads which are obviously not impartial. Has anyone found a good mortgage broker, if so how? Also is it all done online or do you need in-person appointments so needs to be location-based?

Thanks for any advice!

Not independent but have you spoken to London and Country?

No, I haven’t spoken to anyone. Sorry for my ignorance but they’re not a bank are they? Do they provide the finance directly or suggest who’s most likely to approve a loan for a shorter term/higher age applicant?

They are a nationwide free mortgage broker - won lots of awards. Don’t have to go with what they suggest - they are impartial although be aware that they get a kick back from the lender and some lenders give bigger kick backs so might be suggested more often such as HSBC. However I have used them several times and always got market leading rates. They can’t advise though so you have to decide what type of product works for your situation - fixed or tracker. 2yr/ 5yr etc. Last time I mortgaged it was past retirement age so they can help with that too. It’s quite common now - at least til about 70 anyway.

You don’t have to take the products they suggest there is no obligation btw. But could be a good start to understand what access to a mortgage you might have and what rates might look like.

I agree L&C are decent mortgage brokers and can show you a range of mortgages you could access. They shouldn’t give advice about the type of mortgage you choose as that isn’t their job but they will show you the available options. The service will be free to you but they will get money from whichever lender you end up going with.

Some mortgages come with an arrangement fee to the lender, others don’t. Be aware that the ones who don’t normally have a slightly higher interest rate so paying an arrangement fee isn’t necessarily costing you more over the term of the mortgage.

Thanks everyone, I will try L&C